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Jun. 6, 2014, 7:37 AM
- The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired pertaining to Lundbeck's planned acquisition of Chelsea Therapeutics (CHTP). It will acquire Chelsea for $6.44/share plus on contingent value right for up to $1.50/share for an aggregate of $658M on a fully diluted basis.
- The expiration of the waiting period satisfies one of the conditions necessary for the closing of the offer and merger.
May 8, 2014, 8:36 AM
- By acquiring Chelsea Therapeutics (CHTP), Lundbeck (HLUKF) gains the rights to Chelsea's Northera treatment for neurogenic orthostatic hypotension, a disease that is associated with neurological disorders such as Parkinson's.
- Northera recently won FDA approval and is due to be launched later this year.
- Lundbeck's offer of $7.94 a share comprises $6.44 a share in cash and up to $1.50 of contingent value rights (CVRs) that will be related to Northera's commercial performance.
- The transaction is expected to close in Q3.
- Chelsea Therapeutics' shares are +32% at $6.60. (PR)
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